Froedtert Health doubles operating income

Milwaukee-based Froedtert Health ended the first quarter of its fiscal year with higher revenue and operating income than in the same period a year earlier. 

The health system reported revenue of $753 million in the three months ended Sept. 30, compared to revenue of $667 million in the same period last year, according to unaudited financial documents released Nov. 19. 

Froedtert's expenses also grew year over year. The system's expenses totaled $699.7 million in the first quarter of fiscal 2021, up from $641.2 million a year earlier. 

The health system ended the first quarter of fiscal 2021 with operating income of $53.4 million and an operating margin of 7.1 percent. In the same period a year earlier, Froedtert reported operating income of $25.7 million and an operating margin of 3.9 percent. 

"The increase in operating margin over the same period in the previous year can largely be attributed to increased patient service revenue as volumes recover from the negative COVID-19 impact," the health system said. 

After factoring in nonoperating items, the health system reported net income of $119.6 million in the first quarter of fiscal 2021, up from $20.8 million a year earlier. 

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